Overstock CEO Reveals He Now Holds Millions in Bitcoin

Speaking to investors during Overstock.com's fourth-quarter earnings call on 30th January, CEO Patrick Byrne revealed he now holds "several million dollars" in bitcoin, having recently invested in the currency.

Byrne retracted earlier statements that indicated both he and Overstock would not hold any bitcoin. The outspoken exec further freed his company to hold bitcoin on the call, stating that it is "no longer bound" by previous restrictions.

Year-over-year, the Utah-based company reported a 19% increase in revenue, and a spike in net income to $88.5m from $73.8m. Further, the company's diluted earnings per share was $3.64, up from $3.02 in 2012.

Informing investors

Byrne and his colleagues issued the responses to an investor that asked whether the company would be offering special deals to bitcoin users. Neither Johnson nor Byrne answered this question directly, but they did reiterate their strong support for bitcoin, stating that they want to be a key part of the ecosystem.

The CEO also recounted how he came to be involved in bitcoin, noting that he has been interested in the cryptocurrency for over a year, and that concerns about the legal status of bitcoin initially held back the decision. He called the implementation a "testament to [Overstock's] IT department", noting that integration with Coinbase took just 10 days.

2014 outlook

While it was not stated during the call, Johnson indicated at the NYDFS hearings that Overstock would continue to monitor developments in the altcoin markets.